Last week, the state Board of Regents proposed increasing state education spending by $2.4 billion in the 2016-17 state fiscal year. The Regents’ spending proposal would represent a 10% increase over current year education spending. Among the financial challenges that schools are facing are teacher contracts, increasing health-care costs and a boost in the minimum wage.
About $2.1 billion would go to school districts under state’s funding formula, while the remaining $300 million would go toward specific programs, including $75 million reserved for schools that are struggling academically and facing a takeover by a state-approved monitor.
The full Board of Regents is expected to approve a final proposal at its December meeting. The final proposal will be subject to approval of the Governor and Legislature as part of the state’s 2016-17 spending plan.